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Introduction
SBI Smart Platina Advantage is an individual, long-term savings and protection plan designed for people who need certainty in their financial planning. This non-linked, non-participating plan provides guaranteed benefits with life insurance cover, allowing you to secure major goals without exposure to market risk. The policy stands out for its limited premium payment structure, where you pay for a shorter period but stay covered for much longer. With guaranteed additions credited every year and flexible maturity payout options, it provides you with authority over how and when you receive money.
Key Benefits
- Life Cover
- Staff Discounts
- Option to receive maturity benefits in installments for up to 7 years
- Tax advantages
- Limited premium payment with full-term life cover
How This Plan Works
Scenario: Mr. Verma's Financial Planning
Mr. Verma wants a savings plan with guaranteed returns and life cover. He prefers paying premiums for a short period but wants benefits for a long time.
Mr. Verma chose SBI Life Smart Platina Advantage for its guaranteed additions, limited premium payment, and flexible payout option. At 30 years, he selected a 10-year premium payment term with a 20-year policy term. The coverage provides protection throughout the term and allows him to take maturity benefits as installments.
| Age of Policyholder | Annual Premiums | Policy Tenure | Premium Payment Term | Sum Assured | Total Premiums Paid | Guaranteed Additions |
|---|---|---|---|---|---|---|
| 30 years | Rs. 1,00,000 | 20 years | 10 years | S.A. on maturity: ₹10,00,000 With guaranteed additions: ₹13,30,000 |
₹10,00,000 | 6% to 11% of cumulative premiums |
Benefits of the SBI Life Smart Platina Advantage
Progressive Guaranteed Additions (GA)
Guaranteed additions accrue annually throughout the policy term, boosting death benefits and maturity. Higher premiums and longer terms earn higher GA, ranging from 6% to 11% of cumulative premiums. Annual accruals magnify long-term wealth creation.
Limited Premium Payment with Extended Protection
The plan allows payment of premiums for 7 or 10 years while enjoying life cover with guaranteed growth for 15, 20, or 30 years. It is ideal for those in their peak earning years to secure future goals, such as children's education or retirement.
Highly Flexible Settlement Option
You can receive maturity benefits as a lump sum or in installments over 2 to 7 years. You can customize payouts with a partial lump sum and installments. The interest earned on your maturity installments is based on the 10-year government bond (G-Sec) rate, decreased by 1.5% (150 basis points).
Exclusive Staff Benefits
Employees, retired employees, and family members of the State Bank Group get a 10% enhancement in Sum Assured.
Liquidity and Policy Revival
You can borrow up to 50% of the surrender value once it is available. You can revive your lapsed policies within 5 years, with full Guaranteed Additions restored minus paid-up adjustments.
Riders of SBI Life Smart Platina Advantage
SBI Life – Accident Benefit Rider improves the protection of the Smart Platina Advantage plan by covering accidents, with two options:
- Option A - Accidental Death Benefit (ADB): This rider pays an additional lump sum if the life insured dies due to an accident.
- Option B - Accidental Partial Permanent Disability (APPD): This one pays a benefit if the insured suffers a permanent partial disability, such as loss of an eye, due to an accident.
Sum Assured Limits for Riders
- ADB: Up to ₹2 crore or 3 times the base policy Sum Assured.
- APPD: Up to ₹1.5 crore or equal to the base policy Sum Assured.
You can add the rider at policy inception or later, provided a minimum of 5 years remain in the term. Also, the rider premium cannot exceed 100% of the base policy premium.
Features of the SBI Life Smart Platina Advantage
- Limited Premium Payment: This plan allows you to pay premiums for 7 to 10 years while enjoying life cover for the entire policy term.
- Policy Loan Facility: You can borrow up to 50% of the surrender value once it is available.
- Revival Period: Lapsed or paid-up plans can be revived within five years, with full Guaranteed Additions restored, subtracting paid-up adjustments.
- Policy Term Options: Choose guaranteed benefits for 15, 20, or 30 years. This implies a 7-year premium term applies to 15 or 20-year policies, while a 10-year term applies to 20 or 30-year policies.
- Settlement Options: You receive maturity benefits as a lump sum, in installments over 2 to 7 years, or a combination of both.
Exclusions of the SBI Life Smart Platina Advantage
Suicide Exclusion
No payout will be provided if death occurs within 12 months from policy inception due to suicide.
Section 45: Policy Incontestability
During the first 3 years, the insurer can check and reject a claim in case of misrepresentation or non-disclosure of material facts. For fraud cases, there is no payout. Under Section 45, once the policy completes 3 years from inception or last revival, the insurer loses the right to question it for misstatement or non-disclosure.
Section 41: Prohibition of Rebates
Under the Prohibition of Rebates (Section 41), offering or accepting extra discounts or commissions outside the official prospectus is not allowed.
